The real estate development arm of Almasa Holdings, Omniyat Properties, announced on Tuesday the launch of its third commercial tower project in Dubai, bringing the company’s total investment’s in the emirate’s real estate market over the coming year to Dh5 billion.
The company also revealed that it currently held three properties whose value was in excess of Dh 1.4 billion, following the latest launch of ‘The Binary,’ a Dh550 million freehold tower in Dubai and two other projects unveiled in February, according to Khaleej Times.
President and CEO of Omniyat Properties, Mehdi Amjad, stated that the company plans to work on the development of real estate projects worth Dh3.6 billion in Dubai alone, and that the company hoped to gain the status of most prestigious developer in the region.
The Binary will be located within Business Bay on an extension of Dubai's historic Creek, and is set for completion during the first three months of 2009.
"This will take the value of our projects in Dubai alone to Dh5 billion. Our goal is to be the most respected and admired property developer in the region and the first choice of customers in the region. We will achieve this through exciting projects such as The Binary," Amjad explained.
Amjad added that the new tower will follow similar designs of that of Omniyat’s ‘Oyster,’ an acronym for ‘Offices Yielding Superior Targets Through Efficiency and Relaxation.’ The Oyster concept was developed to create an office environment in which maximum productivity, creativity and efficiency can be reached by its residents. Those that purchase or rent office space in the new tower will supposedly benefit from an at least a 15 percent increase in their staff's productivity, said Ehab S. Shouly, Senior Vice President and Marketing Director of Omniyat Properties.
"We didn't want to build just another office tower with a gym and a pool as facilities. We wanted to design an office tower, which people wouldn't want to leave. We conducted research into the factors that contribute to reducing the efficiency of an employee and set out to overcome these factors," Shouly pointed out.
